NO.PZ2022122801000004
问题如下：
Fox is in the process of
hiring an asset allocation analyst and has just completed interviewing two
candidates, Ambrose Kelly and Catherine Trainor, for the position. Fox reminded
the candidates that in addition to high-net-worth individuals, the firm’s
client base also includes various institutional investors. The candidates made the
following statements:
Trainor: A goals-based approach
to asset allocation is appropriate for individual investors, but institutions
need to focus either on the asset or liability side of the balance sheet,
depending on the nature of their business.
Kelly: A typical objective of
some institutions is to maximize their Sharpe ratio for an acceptable level of
volatility, and they rely on the law of large numbers to assist them in
modeling their liabilities. Other institutions behave much like individuals by
segmenting general account assets into sub-portfolios associated with specific
lines of business with their individual return objectives.
The most appropriate statement in regards to approaches to asset allocation by institutions is made by:
选项：
A.
Kelly, regarding their goals-based allocations.
B.
Trainor.
C.
Kelly, regarding the Sharpe ratio and modeling of liabilities.
解释：
不是太理解选项A，然后B错在哪呢
